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GBP/USD: Struggle with 5-DMA continues ahead of UK data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 19, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The GBP/USD pair is seen oscillating in a 40-pips narrow range so far this session, with the focus now centered on the UK retail sales data, while the EU summit on Brexit renegotiations gets underway.

    GBP/USD back above 1.43 ahead of UK retail trade

    The GBP/USD pair trades 0.15% lower at 1.4316, taking on the recovery from session lows reached at 1.4297. The cable keeps the red heading into the much-awaited UK retail trade report, despite markets expecting both total and ex-fuel sales volumes to have rebounded 0.7% last month.

    The GBP/USD pair remains on the back foot as markets refrain from placing big bets on the pound as the EU Summit is in progress, with all eyes on the renegotiation of Britain’s EU membership term. Looking towards the NY session, the US inflation figures will be also closely eyed for fresh insights on the US economic outlook.

    GBP/USD Levels to consider

    The pair has an immediate resistance at 1.4338 (daily high/ 5-DMA), above which 1.4400 (round number/ daily R1) would be tested. On the flip side, support is seen at 1.4300/ 1.4297 (Daily low) below which it could extend losses to towards 1.4254/50 (Feb 18 Low/ psychological levels).
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